Estimated Reading Time: 5 Minutes
A few months ago we moved into the lake house.
And it's embarrassing, but I still have a lot of boxes from my old office that I haven't unpacked. I keep moving the boxes from one side to the other in my new office, but somehow I don't have the motivation to unpack them.
Probably because they are full of stuff I don't need any more. Books, DVDs, courses, ... and even some tapes (anybody remember those?) 🙂
But somehow I can't let go of it. After all, I paid a lot of money for it!
I don't even want to know how much money I spent on all the stuff in these boxes.
And every book promised the solution to my problems.
I just opened one of the boxes and peaked inside. Here are the first three book titles that I saw:
- "How to Make Money in Stocks: A Winning System in Good Times and Bad"
- "Trading Systems That Work: Building and Evaluating Effective Trading Systems"
- "Electronic Currency Trading for Maximum Profit"
Many of the books and courses in these boxes are completely outdated. You can't even buy them any more!
And although I got some ideas from these books and courses for my trading, most of the stuff did NOT live up to the hype of "making lots of money with trading."
What about you?
Do YOU have books and courses on your bookshelf that you bought for a lot of money, but didn't help you in your trading?
Or these days, it's probably a bunch of PDFs that you downloaded, eBooks and other online course you bought. Your collection might even be more impressive than mine.
And did it help? - Are you rich yet?
I'm talking to many traders, and most of them tell me that they spent a lot of time and money on trading education, but nothing has really helped them to break through.
And yet, they keep buying more stuff. More courses, more eBooks, more DVDs...
Why is that?
Why do you keep buying stuff you don't need?
I believe it for one or all of these 3 reasons:
- You had a bad day
"When a woman has a bad day, she buys a new pair of shoes. When a trader has a bad day, he buys a new system."
Isn't that true? I know it was for me! I bought most of the books and courses in my boxes after I suffered a substantial loss. I thought all I need is another trading strategy to make money (again). Keep in mind that every trading strategy has winning streaks and losing streaks. The worst thing you can do as a trader is to stop trading a strategy after a few losses. More often than not you'll miss the winning trades that are around the corner.
- You want to believe
Do you remember the "X-Files" in the late 90s? The main character Fox Mulder believed in extraterrestrial unidentified flying objects (UFOs) and a government conspiracy to hide or deny the truth of their existence. Many traders are like Fox Mulder: They want to believe that there's a trading system out there that has a high winning percentage, low or no drawdown and produces large profits and only small losses. And the best: It can be automated!
And so these traders keep looking for the Holy Grail, buying more courses, books and DVDs, but somehow these systems never seem to live up to their promises.
- You suffer from severe "Traders ADD", a.k.a "Shiny Object Syndrome"
Somehow most traders seem to suffer from "Traders ADD", always looking for the latest and newest "thing". Yesterday it was trading weekly options, today it's trading forex, and tomorrow it might be day trading ETFs. As traders, every day we are bombarded with emails promising us trading riches if we only did XYZ. And instead of finishing the course we just bought last week, many traders jump onto the next webinar and find themselves buying yet another course. And so the trading courses, books and DVDs keep arriving at your house or on your hard drive, and you end up like many traders: Starting everything and finishing nothing. I don't blame you! I have been doing the same. I'm sure that somewhere in these boxes I'll find a trading course that's still shrink-wrapped in it original packaging, never been opened!
So how can you break this vicious circle?
How can you stop buying stuff you don't need, wasting even more time and money?
How can you achieve your goals in a structured way?
For starters, I suggest you read my blog post "The 10 Steps To Become A Trader"
In this blog post, I show you a structured and systematic approach to become a trader.
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Out of curiosity:
Do YOU have boxes of trading books, courses, DVDs, ...?
Do YOU suffer from "Traders ADD" or
the "I want to believe syndrome?
Leave a comment below!